224.05 History History: 1979 c. 110 s. 60 (12); 1985 a. 257.
224.06 224.06 Fidelity bonds for bank officers and employees.
224.06(1)(1)As a condition precedent to qualification or entry upon the discharge of his or her duties, every person appointed or elected to any position requiring the receipt, payment or custody of money or other personal property owned by a bank or in its custody or control as collateral or otherwise, shall give a bond from an insurer qualified under s. 610.11 to do business in this state, in such adequate sum as the directors shall require and approve. In lieu of individual bonds the division may accept a schedule or blanket bond which covers all of the officers and employees of any bank whose duties include the receipt, payment or custody of money or other personal property for or on behalf of the bank. All such bonds shall be in the form prescribed by the division.
224.06(2) (2)No officer or employee who is required to give bond shall be deemed qualified nor shall be permitted to enter upon the discharge of duties until the bond is approved by a majority of the board of directors. The minute books of each bank shall contain a record of each bond executed and approved.
224.06(3) (3)Such bond shall be sufficient in amount to protect the bank from loss by reason of acts of fraud or dishonesty including forgery, theft, embezzlement, wrongful abstraction or misapplication on the part of the person, directly or through connivance with others. At any time the division may require additional bond or security, when in the division's opinion, the bonds then executed and approved are insufficient.
224.06(4) (4)Every such bond shall provide that no cancellation or other termination of the bond shall be effective unless the surety gives in advance at least 10 days' written notice by registered mail to the division. If the bond is canceled or terminated at the request of the insured (employer), the surety shall give the written notice to the division within 10 days after the receipt of such request.
224.06(5) (5)For reasons which the division deems valid and sufficient the division may waive as to the cancellation or termination of any such bond the 10-day written notice in advance required by sub. (4) and may give written consent to the termination or cancellation being made effective as of a date agreed upon and requested by the surety and the bank.
224.06(6) (6)The provisions required by sub. (4) to be in every such bond shall not in any way modify, impair or otherwise affect or render invalid a provision therein to the effect that the bond shall terminate as to any person covered thereby upon the discovery by the bank of any dishonest act on the part of such person.
224.06(7) (7)Any violation of the provisions contained in subs. (1) and (2) shall subject the bank to a fine of $100 per day for each consecutive day of such violation and it shall be the duty of the attorney general to recover any such penalties by action for and in behalf of the state.
224.07 224.07 Checks to clear at par. Checks drawn on any bank or trust company, organized under the laws of this state, shall be cleared at par by the bank or trust company on which they are drawn. Any bank or trust company, or officer or employee thereof, who violates the provisions of this section shall be guilty of a misdemeanor and punished as provided in s. 939.61.
224.075 224.075 Financially related services tie-ins. In any transaction conducted by a bank, bank holding company or a subsidiary of either with a customer who is also a customer of any other subsidiary of any of them, the customer shall be given a notice in 12-point boldface type in substantially the following form:
NOTICE OF RELATIONSHIP
This company, .... (insert name and address of bank, bank holding company or subsidiary), is related to .... (insert name and address of bank, bank holding company or subsidiary) of which you are also a customer. You may not be compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction.
If you feel that you have been compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction, you should contact the management of either of the above companies at either of the above addresses or the division of banking at .... (insert address).
224.075 History History: 1985 a. 325; 1995 a. 27.
224.10 224.10 Indian loan funds.
224.10(1)(1)Administration in trust as a loan fund. The loan funds of any Indian tribe which are transferred to the custody of such tribe by the United States, including any outstanding loan accounts, shall be administered as follows:
224.10(1)(a) (a) The funds shall be held in trust by the tribe or a legal entity thereof as an Indian loan fund, for the purpose of making loans to members of the tribe.
224.10(1)(b) (b) Management of an Indian loan fund shall be vested in a board of trustees, which may hire necessary personnel to administer the loan fund. The board of trustees shall consist of 5 members of the tribe and shall be appointed annually by the governing body of the tribe.
224.10(1)(c) (c) The Indian loan fund in custody of the Menominee Indian Tribe and administered by a board of trustees appointed by that tribe shall, at the termination of federal control, be administered, subject to this section, by a board of 5 trustees appointed annually by the stockholders of the corporation described in s. 710.05, 1973 stats., and shall be used for making loans to those who were enrolled tribal members as proclaimed by the secretary of the interior as of June 17, 1954, and their spouses and descendants and to any additional classes recommended by the trustees.
224.10(3) (3) Rules of board of trustees. The board of trustees of an Indian loan fund may establish rules for the administration of the fund.
224.10 History History: 1975 c. 422 s. 163; 1987 a. 252.
subch. II of ch. 224 SUBCHAPTER II
FINANCIAL INSTITUTIONS
224.25 224.25 Customer access to appraisals. If requested by an individual who is a customer, loan applicant or credit applicant, a financial institution, as defined in s. 705.01 (3), shall provide that individual with a copy of any written appraisal report which is held by the financial institution, which relates to residential real estate that the individual owns or has agreed to purchase and for which a fee is imposed.
224.25 History History: 1991 a. 78; 1997 a. 191 s. 236; Stats. 1997 s. 224.25.
224.26 224.26 Customer access to credit reports. If requested by an individual who is a customer, loan applicant or credit applicant, a financial institution, as defined in s. 705.01 (3), shall provide that individual, at no additional charge, with a copy of any written credit report which is held by the financial institution, which relates to that individual and for which a fee is imposed.
224.26 History History: 1993 a. 425; 1997 a. 191 s. 237; Stats. 1997 s. 224.26.
224.30 224.30 Powers and duties of the department.
224.30(1)(1)Definition. In this section, “department" means the department of financial institutions.
224.30(3) (3) Computer databases, networks and systems; access and use fees. The department may establish fees to be paid by members of the public for accessing or using the department's computer databases, computer networks or computer systems. Every fee established under this paragraph shall be based upon the reasonable cost of the service provided by the department, together with a reasonable share of the costs of developing and maintaining the department's computer databases, computer networks and computer systems.
224.30(4) (4) Restrictions on recording instruments with social security numbers.
224.30(4)(a) (a) In this subsection, “system" means the department's corporate registration information system.
224.30(4)(b) (b) The department may not record in the system any instrument offered for recording that contains the social security number of an individual. If the department is presented with an instrument for recording in the system that contains an individual's social security number, the department may, prior to recording the instrument, remove or obscure characters from the social security number such that the social security number is not discernable on the instrument.
224.30(4)(c) (c) If the department is presented with an instrument for recording in the system that contains an individual's social security number, and if the department records the instrument but does not discover that the instrument contains the individual's social security number until after the instrument is recorded, the department is not liable for the instrument drafter's placement of the individual's social security number on the instrument and the department may remove or obscure characters from the social security number such that the social security number is not discernable on the instrument.
224.30(4)(d) (d) If the department records an instrument in the system that contains the complete social security number of an individual, the instrument drafter is liable to the individual whose social security number appears in the recorded instrument for any actual damages resulting from the instrument being recorded.
224.30(5) (5) Electronic filing.
224.30(5)(a)(a) In this subsection, “filing" means the submission to the department of any form, instrument, application, report, notice, or other information required or permitted to be submitted to the department for retention in the department's records.
224.30(5)(b) (b) Subject to par. (c), the department may require any filing to be made electronically in a manner prescribed by the department. Subject to par. (c), if the department requires that a filing be made electronically, the department may require that any fee associated with the filing be paid using a suitable method prescribed by the department.
224.30(5)(c) (c) The department may waive any requirement imposed under par. (b) if all of the following apply:
224.30(5)(c)1. 1. The person affected by the requirement makes a written request to the department, in a manner prescribed by the department, that the requirement be waived and clearly states in the request why the requirement causes the person undue hardship.
224.30(5)(c)2. 2. The department determines, in its discretion, that the requirement, if imposed on the person, would cause the person undue hardship.
224.40 224.40 Disclosure of financial records for child support enforcement.
224.40(1)(1)Definitions. In this section:
224.40(1)(a) (a) “County child support agency" means a county child support agency under s. 59.53 (5).
224.40(1)(b) (b) “Financial institution" has the meaning given in s. 49.853 (1) (c).
224.40(1)(c) (c) “Financial record" has the meaning given in 12 USC 3401.
224.40(2) (2) Financial record matching agreements. A financial institution is required to enter into an agreement with the department of children and families in accordance with rules promulgated under s. 49.853 (2).
224.40(3) (3) Limited liability. A financial institution is not liable for any of the following:
224.40(3)(a) (a) Disclosing a financial record of an individual to the county child support agency attempting to establish, modify or enforce a child support obligation of the individual.
224.40(3)(b) (b) Disclosing information to the department of children and families or a county child support agency pursuant to the financial record matching program under s. 49.853.
224.40(3)(c) (c) Encumbering or surrendering any assets held by the financial institution in response to instructions provided by the department of children and families or a county child support agency for the purpose of enforcing a child support obligation.
224.40(3)(d) (d) Any other action taken in good faith to comply with s. 49.853 or 49.854.
224.40 History History: 1997 a. 191; 2007 a. 20.
224.42 224.42 Disclosure of financial records for Medical Assistance and food stamp program eligibility.
224.42(1)(1)Definitions. In this section:
224.42(1)(a) (a) “Financial institution" has the meaning given in s. 49.45 (4m) (a) 3.
224.42(1)(b) (b) “Financial record" has the meaning given in 12 USC 3401 (2).
224.42(2) (2) Financial record matching agreements. A financial institution is required to enter into an agreement with the department of health services under ss. 49.45 (4m) and 49.79 (1t).
224.42(3) (3) Limited liability. A financial institution is not liable for any of the following:
224.42(3)(a) (a) Disclosing a financial record of an individual or other information to the department of health services in accordance with an agreement, and its participation in the program, under s. 49.45 (4m) or 49.79 (1t).
224.42(3)(b) (b) Any other action taken in good faith to comply with s. 49.45 (4m) or 49.79 (1t).
224.42 History History: 2011 a. 192; 2013 a. 20; 2017 a. 59.
224.44 224.44 Disclosure of financial records for collection of unemployment insurance debt.
224.44(1)(1)Definitions. In this section:
224.44(1)(a) (a) “Financial institution" has the meaning given in 12 USC 3401 (1).
224.44(1)(b) (b) “Financial record" has the meaning given in 12 USC 3401 (2).
224.44(2) (2) Financial record matching agreements. A financial institution is required to enter into an agreement with the department of workforce development under s. 108.223.
224.44(3) (3) Limited liability. A financial institution is not liable for any of the following:
224.44(3)(a) (a) Disclosing a financial record of an individual or other information to the department of workforce development in accordance with an agreement, and its participation in the program, under s. 108.223.
224.44(3)(b) (b) Any other action taken in good faith to comply with s. 108.223.
224.44 History History: 2013 a. 36.
224.46 224.46 Independent data processing servicers.
224.46(1)(1)Definitions. In this section:
224.46(1)(a) (a) “Financial institution" has the meaning given in s. 214.01 (1) (jn).
224.46(1)(b) (b) “Independent data processing servicer" means an entity that provides to a financial institution electronic data processing services, but not including the exchange of data and settlement of funds between 2 or more unaffiliated financial institutions resulting from transactions involving remote terminals under s. 186.113 (15), remote service units under s. 214.04 (21) or 215.13 (46), or customer bank communications terminals under s. 221.0303 (2).
224.46(1)(c) (c) “Interface agreement" means a written agreement specifying the terms and conditions under which an interface of communications, data, or systems between independent data processing servicers shall be accomplished.
224.46(2) (2) Ownership of financial institution data. If a financial institution transfers or otherwise makes available to an independent data processing servicer any data from the financial institution's records, this data shall remain the property of the financial institution. The independent data processing servicer has no right, title, or interest in, or claim to legal ownership of, the data. The transfer of the data by the financial institution authorizes the independent data processing servicer only to exercise temporary control of the data for the limited purpose of performing the contracted services requested by the financial institution. This subsection also applies with respect to an independent data processing servicer that receives a financial institution's data under an interface agreement or other agreement with another independent data processing servicer.
224.46(3) (3) Contract disclosures by independent data processing servicers. No independent data processing servicer may enter into a contract with a financial institution, or renew or amend such a contract, unless the contract discloses, in separate contract provisions, all of the following:
224.46(3)(a) (a) All fees or charges, including any fee schedule, that the independent data processing servicer may impose on the financial institution.
224.46(3)(b) (b) Any formula or other grounds that the independent data processing servicer may apply or rely upon to terminate the contract.
224.46 History History: 2019 a. 65.
224.48 224.48 College tuition and expenses program.
224.48(1)(1)Definitions. In this section:
224.48(1)(a) (a) “Board" means the board of regents of the University of Wisconsin System.
224.48(1)(am) (am) “Department” means the department of financial institutions.
224.48(1)(b) (b) “Institution of higher education" means an eligible educational institution, as defined under 26 USC 529.
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2021-22 Wisconsin Statutes updated through 2023 Wis. Act 93 and through all Supreme Court and Controlled Substances Board Orders filed before and in effect on March 22, 2024. Published and certified under s. 35.18. Changes effective after March 22, 2024, are designated by NOTES. (Published 3-22-24)